This invention relates to trading systems particularly financial trading systems.
Electronic equity markets, such as The Nasdaq Stock Market® collect, aggregate and display pre-trade information to market participants. In an electronic market, pre-trade information takes the form of a quote that represents a single or an aggregate of same-priced principal or agency orders. A market such as Nasdaq also provides trading platforms through which market participants may access liquidity indicated in the marketplace. One of the concerns of regulators relates to best execution. Other entities may display quotes or place orders for display. For example, electronic communication networks, (ECNs) are one type. Some ECNs charge quote access fees while others do not. Other entities include UTP Exchanges. UTP Exchanges are exchanges that have unlisted trading privileges.